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SECTION 3 . TERM <br /> Subject to the provisions of Section 16, this Agreement <br /> shall become effective as of the date hereof and shall continue in <br /> full force and effect until terminated by agreement of the Agency <br /> and the City. <br /> SECTION 4. AUTHORITY <br /> A. Creation of Authority <br /> There is hereby created pursuant to the Act an agency and <br /> public entity to be known as the "Santa Ana Financing Authority. " <br /> As provided in the Act, the Authority shall be a public entity <br /> separate from the City and the Agency. The debts, liabilities and <br /> obligations of the Authority shall not constitute debts, <br /> liabilities or obligations of the City or the Agency. <br /> Within 30 days after the effective date of this Agreement <br /> or any amendment hereto, the Authority will cause a notice of this <br /> Agreement or any such amendment to be prepared and filed with the <br /> office of the Secretary of State of the State of California in the <br /> manner set forth in Section 6503 . 5 of the Act. <br /> B. Governing Board <br /> The Authority shall be administered by the Board whose <br /> members shall be, at all times, the Mayor of the City and the <br /> members of the City Council. The term of office of any member of <br /> the Board shall terminate when such member of the Board shall cease <br /> to be the Mayor or a member of the City Council; and the successor <br /> to the Mayor or such member of the City Council shall thereupon <br /> become a member of the Board. <br /> cn1-0552J.2 5 <br />